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Zurich - UBS AG announced a major boardroom reshuffle on Tuesday, the second since the Swiss banking giant suffered heavy losses as a result of the US subprime crisis.
Four of the bank's 12 board members will step down in conjunction with an extraordinary shareholders meeting on October 2, it said.
UBS shares fell to a new low of 20.30 Swiss francs on the Zurich exchange Tuesday, a drop of 5.1% compared with the previous close.
The bank is likely to inform investors in October about the impact of measures to limit further damage resulting from its subprime investments.
Swiss newspaper reports over the weekend said the bank would not issue a profit warning for its second quarter, indirectly confirming market expectations that UBS on August 12 will report a net loss of 1 billion to 5 billion francs for the three months ending June 30.
Switzerland's biggest bank has been badly affected by the US subprime crisis, writing down $37.4bn over the past 10 months, during which its share price more than halved.
- AP